Govt Accounts

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CFO- at NHTF
58280 Points Posted on 18 June 2022
Is Financial statements for govt organisation has to be generated for March to Feb ?
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On 18 June 2022 at 08:24 Report
Replies (40)
Quick Summary
This discussion delves into the specifics of UK government accounting periods, questioning why they operate on a March-to-February cycle instead of the typical April-to-March used by private companies. The conversation touches upon the treatment of salaries, including when they are considered taxable and the implications of arrears and retrospective DA increments. It highlights the unique internal rules that govern government accounts, which may differ from standard accounting principles.

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Student
4042 Points Posted on 18 June 2022
Yes ......
1 Reply
On 18 June 2022 at 09:26
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CFO- at NHTF
58280 Points Posted on 18 June 2022
Why it is so ?
7 Reply
On 18 June 2022 at 09:28
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Chartered Accountant
86505 Points Posted on 18 June 2022
Financial statement prepared from April to March only.
1 Reply
On 18 June 2022 at 22:49
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CFO- at NHTF
58280 Points Posted on 18 June 2022
Why Salaries considered from March to Feb only ?
7 Reply
On 18 June 2022 at 22:55
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Chartered Accountant
86505 Points Posted on 18 June 2022
As per income tax salary is taxable on due or received basis and government service salary due on 1st of next month, so march salary received and due in April. Hence not considered.
1 Reply
On 18 June 2022 at 22:58
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CFO- at NHTF
58280 Points Posted on 18 June 2022
Then why pvt companies consider April to March though March salary received in April ?
4 Reply
On 18 June 2022 at 23:01
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Chartered Accountant
86505 Points Posted on 18 June 2022
Because in case of Private Employees salary due on last day of same month.
1 Reply
On 18 June 2022 at 23:03
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CFO- at NHTF
58280 Points Posted on 18 June 2022
Is it the right reason ?
4 Reply
On 18 June 2022 at 23:04
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Chartered Accountant
86505 Points Posted on 18 June 2022
You search it out, in my view and as per law this is the rule.
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On 18 June 2022 at 23:05
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CFO- at NHTF
58280 Points Posted on 18 June 2022
Is the arrears of salary one of the reasons in govt ?
4 Reply
On 18 June 2022 at 23:13
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Chartered Accountant
86505 Points Posted on 18 June 2022
?????
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On 18 June 2022 at 23:13
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CFO- at NHTF
58280 Points Posted on 18 June 2022
Hope govt employees receive arrears . Increment in DA with retrospective effect
3 Reply
On 18 June 2022 at 23:16
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Chartered Accountant
86505 Points Posted on 18 June 2022
Yes.... they were
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On 18 June 2022 at 23:17
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CFO- at NHTF
58280 Points Posted on 18 June 2022
Is this not the reason for March to Feb method?
5 Reply
On 18 June 2022 at 23:38

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